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ATLANTIC ENERGY, INC. ANNOUNCES MARCH 1993 RESULTS

 PLEASANTVILLE, N.J., April 28 /PRNewswire/ -- J.G. Salomone, chief financial officer of Atlantic Energy, Inc. today announced consolidated financial results for the twelve months and first quarter ended March 31, 1993. Atlantic Energy, Inc. is the parent company of Atlantic City Electric Company (ACE), its primary subsidiary, Atlantic Energy Technology, Inc., Atlantic Generation, Inc., Atlantic Southern Properties, Inc. and ATE Investment, Inc.
 Earnings per share were $1.51 for the twelve months ended March 31,
1993, compared with $2.09 for the prior period. Salomone noted that "the decline in earnings reflects lower sales of energy and higher operating expenses by ACE. Another contributing factor to the difference was the settlement of a lawsuit against Philadelphia Electric Company relating to the Peach Bottom Atomic Power Station. That settlement contributed about $.15 per share to last year's earnings," said Salomone. Salomone stated that sales of energy were affected by milder weather in the current twelve month period and the loss of two large industrial customers. "The effects of cooler summer weather, compared with extremely hot summer weather experienced in 1991, reduced earnings per share for the current period by approximately $0.20," noted Salomone.
 Total consolidated operating revenues for the current twelve month period were $822.7 million, compared with $831.2 million, primarily due to a decline in sales of energy of 3.1 percent. Net Income totaled $78.3 million compared with $105.1 million for the prior period. Charges for purchased capacity increased to $111.0 million from $80.7 million and include capacity purchased from two nonutility generators. New Jersey Gross Receipts and Franchise Tax increased to $99.8 million from $90.6 million, reflecting the additional liability due to changes in New Jersey tax law. Federal Income Tax expense totaled $35.9 million, compared with $43.9 million, reflecting the higher level of taxable income in the prior period. Interest expense increased to $57.9 million from $53.3 million in the prior period as a result of the issuance of additional long term debt in the current period for construction and refunding purposes.
 Total energy sales recorded by ACE for the twelve months ended March 1993 were 7.703 billion kilowatt-hours, a decrease of 3.1 percent from the prior period. "The decline in kilowatthour sales is attributable to the milder weather overall during the current twelve month period and the effects of nonutility generation on sales to our Industrial customers. In addition to the lost industrial sales, sales to our largest customer class, Residential, declined 3.1 percent as a result of the milder weather conditions. Sales to Commercial customers declined slightly less than 1 percent," stated Salomone. Salomone noted that "excluding the effects of nonutility generation, sales to Industrial customers have increased approximately 5 percent, which is indicative of slightly improved business conditions for several industries in our area. Looking ahead to the future, the impact of nonutility generation on kilowatthour sales to industrial customers will not be as significant."
 Total consolidated operating revenues for the first quarter ended March 31, 1993 increased to $203.7 million from $197.8 million. Net Income totaled $20.0 million compared with $27.9 million in the prior period. Earnings per share amounted to $0.38, compared with $0.55 recorded in the prior period. Salomone said that "the change in net income and earnings per share for the first quarter of 1993 resulted primarily from the recognition of the Peach Bottom settlement in the prior period."
 Total energy sales for the first quarter ended March 31, 1993 were 2.037 billion kilowatt-hours, an increase of 2.5 percent from the prior period. Sales to Residential customers increased 2.8 percent due to cooler weather in the current quarter. Sales to Commercial customers increased 3.9 percent as a result of higher average use per customer. Sales to Industrial & Other customers decreased 2.0 percent compared to the first quarter of 1992, primarily due to the loss of an industrial customer to cogeneration.
 ATLANTIC ENERGY, INC.
 Comparative Unaudited Financial Statistics
 (Dollar Amounts in Millions, Except Per Share Data)
 Periods ending Twelve months Three months
 March 31 1993 1992 Pct. 1993 1992 Pct.
 Energy Sales to
 Ultimate Customers
 (Million Kwh) 7,703 7,948 -3.1 2,037 1,988 2.5
 Operating Revenues $822.7 $831.2 -1.0 $203.7 $197.8 3.0
 Net Income $78.3 $105.1 -25.5 $20.0 $27.9 -28.3
 Average Shares
 Outstanding (000) 51,920 50,233 3.4 52,408 51,083 2.6
 Earnings Per Share $1.51 $2.09 -27.8 $0.38 $0.55 -30.9
 Return on End-Of-
 Period Common
 Equity (pct.) 9.79 13.64
 /delval/
 -0- 4/28/93
 /CONTACT: Robert K. Marshall, 609-645-4655, or evenings, 609-653-4421, or Elizabeth L. Kaminsky 609-645-4888, or evenings, 609-391-0972, both of Atlantic Energy/


CO: Atlantic Energy, Inc. ST: New Jersey IN: UTI SU: ERN

MJ-CC -- PH048 -- 2291 04/28/93 17:07 EDT
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